Why you can trust EcoWatch
Top Solar Installers in Richfield
Installing solar panels yourself can be a difficult undertaking, which is why getting a solar installer is a good option for many homeowners. Plus, if you're unsure what type of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
See all of the solar companies in Richfield
Factors that Affect Solar Panel Costs in Richfield
For many Richfield homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Richfield, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment Size
The size of the solar energy system you need to offset your energy usage is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,840. The kind of solar panels and equipment you choose is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Richfield homeowners opt to finance their solar panel systems to make paying for solar more affordable. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Richfield is the company you get to install your solar panel system. As with choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that offer a range of services at different costs. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and decide on the company that has the products, warranties and services you want and also fit into your budget.
Solar Panel Cost Data by System Size
|System size||Cost per system watt||Solar system cost||25-Year savings||Payback period|
|6 kW||$2.95||$12,405||$17,409||10.4 years|
|8 kW||$2.90||$16,222||$23,530||10.2 years|
|10 kW||$2.84||$19,880||$29,810||10.0 years|
|12 kW||$2.78||$23,379||$36,249||9.8 years|
|14 kW||$2.73||$26,719||$42,847||9.6 years|
|16 kW||$2.67||$29,900||$49,604||9.4 years|
|18 kW||$2.61||$32,921||$56,520||9.2 years|
|20 kW||$2.56||$35,784||$63,596||9.0 years|
Solar Incentives in Richfield
|Name||Wind and Solar-Electric (PV) Systems Exemption|
|Incentive Amount|| Solar: 100% exemption from real property taxes |
Wind: 100% exemption from real and personal property taxes
|More Info||Click here|
|Name||Solar Energy Sales Tax Exemption|
|Incentive Amount||100% exemption|
|More Info||Click here|
|Name||Xcel Energy - Solar*Rewards Program|
|Incentive Amount|| Residential Systems: $0.07 per kWh produced over 10 years. |
Income-Qualified Residential Systems: $0.07 per kWh produced over 10 years, plus $2.00/W up-front.
Income-Qualified Multifamily: $0.06 per kWh produced over 10 years, plus $1.00/W up-front.
Income-Qualified Solar Garden: $0.06 per kWh produced over 10 years, plus $0.50/W up-front.
Commercial Systems: $0.06 per kWh produced over 10 years
|More Info||Click here|
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: If you're worried about the durability of your solar energy system, verifying your installer offers a 25-year, all-inclusive warranty can help put you at ease.
EcoWatch's Richfield, MN Solar Cost FAQs
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert’s opinion on the top solar companies featured here, follow this link.